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Create the journal entries for the purchase of shoenet

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Question - September 1999: E&P purchased the net assets of ShoeNet for $300,000 on September 1, 1999. The value of ShoeNet is as follows:

Cash $15,000

Receivables $10,000

Inventories $70,000

Equipment $130,000

Accounts payable -$25,000

Calculate the goodwill and create the journal entries for the purchase of ShoeNet by E&P.

Reference no: EM131789445

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